Spending time on your boat is a fun experience. However, protecting that watercraft both on and off the water can be stressful without a proper boat insurance policy in place. If you’ve never purchased a plan before, you likely have a few questions about what the coverage provides. Here are few of the most important facts on the topic to get you started.

What You Need to Know About Boat Insurance

1. It’s Not Always Required

Coverage is optional for recreational users who own a canoe, kayak, or another non-motorized boat. Also, if the policy costs more than the price of the vessel, it’s not a worthwhile investment. However, if you store your boat in a marina or take it out on busy waterways at relatively high speeds, insurance is necessary. You don’t want to spend thousands of dollars on a watercraft only to find that you can’t afford any repairs or replacement if it’s damaged.

2. Coverage Is Similar to Auto Insurance

Most standard insurance policies cover collision damage, property liability if you harm another person’s vessel, injury liability if the accident injures another boater or passenger, and comprehensive protection against theft or vandalism. When you file a claim, you’ll pay a deductible, just like a standard auto insurance policy.

3. Boat Insurance Doesn’t Work Off the Water

Coverage only applies when the boat is on the water or stored in a marina. When it’s stored away, your other insurance policies will protect it. For instance, your auto insurance plan safeguards against it when it’s on the trailer. If stored on your property, homeowners insurance will protect it from damage, theft, and vandalism.

4. Get Specific About Coverage Needs

The amount of coverage you need is largely determined by the type of watercraft you have. The faster the boat goes, the more insurance you’ll want to purchase. Similarly, if you use the vessel for water sports, be specific about which ones with your agent, as some policies won’t cover water-skiers or other towables. The more they understand about how the boat is used, the better quality coverage you’ll have.

Edwards Insurance Agency in Sparta, WI, helps residents find the right boat insurance for their needs and hobbies. Whether you need a new policy or want to reevaluate coverage limits, they’ll tailor products to meet your unique requirements and budget. Learn more about their services online and call (608) 269-4512 for a free no-obligation insurance quote today.